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Study: Recession Has Hit More than Half of Us
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Since the recession began 30 months ago, more than half of all adults in the workforce—55 percent—say that they have either been unemployed, taken a pay cut, had their work hours reduced or have become involuntary part-time workers, according to a new survey by the Pew Research Center’s Social and Demographic Trends Project.
The survey shows the impact of the recession goes far beyond the 9.5 percent of the workforce that is unemployed and the 16.5 percent underemployed. About a third of respondents—32 percent—said they have been unemployed for some period of time during the recession.
The prolonged recession—the longest in recent history—has left a big mark on the country, Paul Taylor, the Pew project director, told ABC News:
What this report demonstrates is the breadth and depth of the impact of this recession on the American public. It’s hit almost everybody in one way or another, and two and a half years after it began, people are still feeling the effects. This is still very much with us.
The survey points to the immediate need for action to create jobs and stem the economic hemorrhaging. But Republicans in Congress have refused to act to create jobs, stop layoffs and help the jobless. Writing today on Huffington Post, AFL-CIO President Richard Trumka says we need a job-centered approach to strengthening the economy. Read Trumka’s Huffington Post column “Jobs Should Come First” here.
Here’s even more evidence from the Pew survey that action is needed: About half of Americans said their household’s current financial situation is worse now than before the recession, and many see a long road to recovery, with 63 percent predicting that it will take them at least three years to recover financially.
The survey also found that the recession has caused consumers to spend and borrow less and lowered their expectations about their retirements and their children’s future. More than a quarter of Americans say their children will have a worse standard of living than they now have, compared to just 10 percent a decade ago.
A third of adults now say they are not confident they will have enough income for a secure retirement. Among adults 62 and older who are still working, a third say they have already delayed retirement because of the recession. And among workers in their 50s, about six in10 say they may have to do the same.
Click here to read the full report on the survey.
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9 Comments
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I’d bet 10-1…that the people who caused this entire financial meltdown…are still employed, making 6-figure salaries. They have destroyed the middle class!!!!!!!! When is enough, enough?
Does this actually surpise anyone? Republicans have been spending money right and left for a decade but only for the selfish needs of their own and lobbyists. Now that people need help they have turned their backs and hypocritically slammed the door shut along with characterizing the budget deficit with lies about out of control spending.
Unfortunately people are easily brainwashed and have fallen into the trap Republicans have set and are on the verge of the biggest sellout along with copout which has destroyed this country.
Ross Perot was correct about NAFTA and every major anti worker Free Trade Agreement that has been ratified has doomed the people of this nation. These pacts were suppose to ” create jobs ” when it turn millions have been sent not only to Mexico, but overseas as well. You can thank the true representatives of anti people, anti worker world……..REPUBLICANS!!!!!!!!!!!
I’m sure that no one involved in the financial meltdown is feeling the affects of this horrific recession…which is now deepening further. I am also sure, that the people who caused this are still working and drawing a 6 figure salary…with bonuses. When is enough for the ‘rich’…while the rest of us struggle.
I am a member of United Food and Commercial Workers Union, Local 56. This was not listed in your choices. However, I have a concern about the forced overtime that all workers seem to be experiencing now. Where I work, we have been on forced overtime since the beginning of February, and it is still going on now. I know, from my experience with CWA from 1967 thru the early 80′s that the union movement has tried for years to stop forced overtime. There is now some studies available that show forced overtime causes, stress, high blood pressure, heart attacks and stroke. Isn’t it about time, the AFL-CIO changes its strategy? Why not, instead of continuing to do away with this practice, try and limit the number of hours any employee can be forced to work per week, or month? I believe this could be possible. I think it is apparent that we can not stop this practice, since, in some cases it is necessary for a short time. Our Union has not been able to stop, or curtail this practice where I work (Johanna Foods, located in Flemington, New Jersey) The owner does not care about our safety or our health, other than to forbid smoking, only due to the fact that it saves him money on his health care and his fire insurance. I am asking for the AFL-CIO to get involved to get the U.S. Department of Labor, or OSHA to have jurisdiction to enforce some form of limitation on the amount of forced overtime a worker can be forced to perform. Hope to hear back from you soon. Fraternally: William Brossard
While the Republicans have heartlessly blocked extensions of desperately-needed unemployment benefits, Democrats are little better, failing to push for a national New New Deal creating jobs in alternative clean energy, repairing infrastructure, housing, and education.
We need a People’s Party NOW! The Dems & Republicans no longer represent ordinary Americans.
We must used this Recession as an Opportunity to rebuild our Infrastructure. We must used some of the Stimulus Funds, in combination with a 50/50 Joint Venture of Government and private Sector Investments, and used the combined Funds *i, e, it will cost up to $300 billions), to Build Intelligent Infrastructure Services for: Broadband, Healthcare IT, smart Transportation systems, and smart Grids.
BROADBAND SERVICES
We must make maximum Use of our Spectrum Resources. We must used our Technological Knowhow, to increased the Capacity of this very limited Spectrum Resource (i, e, increased Air Interface/Spectral efficiency).
The ENGINE OF ECONOMIC GROWTH IN THIS 21ST CENTURY IS “BROADBAND.” We can start by, Deployment of a pure Packet-based, all Optical/IP, Multi-Service National TRANSPORT (backhaul) Network Infrastructure, using optical Ethernet throughout this National “NETWORK OF NETWORKS.” This will Connect all Optical Islands, Nationwide. This Investment is like the Investments made in the past, in ERA, TVA, the National RailRoad, and the National Transportation Inter-State Highways, which increased our Productivity and the GDP.
The Investment in this National “Network of Networks”, in addition to New Jobs Creation and Economic Recovery, can also Serve as a business Driver for: Law Enforcement Nationwide Networks, e-Government, e-Commerce, e-Education, e-Healthcare, Bio-Surveillance, Energy and Transportation Systems, Social Networking, Entertainment, etc.
HEALTHCARE IT
Proper Deployment of Health Information Technology (HIT) Solutions, and Training will increased Productivity (i, e, medical data mining/warehousing, risks treatment, service delivery), Efficiency (i, e, medical errors, redundant and inappropriate care), and provide this Nation with a Cost Savings of around 20-30% of our Annual National Healthcare Expenditures (2009, $2.5 trillions).
Please See: http://www.21stcentureinfrastructure.blogspot.com, http://www.nationwideEHRinteroperability.blogspot.com, or www,gkquoquoi.blogspot.com for Summary Deployment Plan for the Nationwide Health Information Network (NHIN).
Gadema Quoquoi
President & CEO
COMPULINE INTERNATIONAL, INC.
55% is startling, but an even higher portion of the work force has been affected than these statistics show. There are lots of discouraged workers, like me, who just drop out of the labor market, or drastically ratchet down their participation in it. Most of us are over 50, but some people do it earlier if they can swing it financially. What’s going on is that in the depressed economy EVERYBODY gets pushed down a little. Even high-tech professionals with advanced degrees (again, like me) get replaced by younger, cheaper workers. If you keep a job, you might find that you are being marginalized and made to feel as if you’re too old and stupid to be of any use. The problem is that having a wealth of experience and a highly developed skill set no longer matter much when a firm’s revenue base starts to shrink. They have to cut somewhere, and the biggest savings, at least in the short term, are achieved by canning or forcing out older, more expensive workers. The result is that the skills these older workers have are lost. They no longer engage in as much productive behavior. As it is, I just play guitar, lounge around and write blogs. If things perk up, I might go back to work so I could again enjoy being an IT professional whose work was appreciated and well-remunerated. But, I won’t as long they only want me to do temp gigs, with no benefits, for a few months at a time, then boot me out. It’s a lot more than 55%. I would guess that at about 98% of the people have had their circumstances reduced in some way. Who are the other 2%? They are the super-rich who got bonuses or dividends paid out using bailout money from the federal government that WE funded with taxes and increased debt. As the executives at Goldman Sachs if they’re hurting. Nope.
Really, does the AFL-CIO have to keep running cover for the Democrats in Washington. I am not a Republican and come from a long tradition of pro-labor progressive Democrats. Just please stop trying to run cover for Obama and the Democratic leadership.
The Republicans don’t run the congress. When Democrat Maria Cantwell called for reinstating Glass Steagall to stop the bailout policies for the banks “too big to jail”, it was Bailout Barney Frank, House Banking Committee Chairman who blocked it.
When Obama announced Billions for a so-called solar energy development scheme, why didn’t you report that about 1.5 billion is going to go to a company with 73 employees; even if they increase their workforce by 10 fold it still comes out to over 2 million dollars per job…2 million dollars. That’s just plane insane, and you continue to cover for that kind of insanity…
It wasn’t the Democratic Party that helped build the Labor Movement, it was the alliance between Franklin Roosevelt and the radical leaders of the CIO. The Democratic Party leadership has rejected that tradition.
President O’bama and the Democratic Party now who have not forgotten and listen to the people it serves and challenged status quo laws and state government to help the people it serve. The banks are out of control catering to the rich man, but the president has challenge those laws too. The Poor man has gotten poorer and the rich has gotten richer take a look at your local and state governments. No one seem to care or listened before now and they play regular hard working American against each other. The stimulus plan has help many, but you don’t take a look and ask your local, and state governments what have you did for me lately with the money that you said you didn’t want but yet grab it with the other hand and sit on it or miss use it. But, you expect president O’bama to be a God and fix a mess that started decades ago. The president wanted the oil drilling to stop but you don’t confront the big oil companies and state government that refuse to stop until they come up with what cause the problem. You want more oil for bigger cars. Where are these people that want the Federal government out of state and local business but with a hycrocite tongue says where is the President. Why don’t local and state governments care enough to do the job they are getting paid for think and come up solutions and stop playing the blame game. TAke a look at the man in the Mirror. Help someone and ask what are we doing for each other or is all about you. This is UNITED STATES OF AMERICA people helping each other.?